Binance is going back to China

Judy Rubio

Although China does not have the best conditions for the operation of crypto currency exchanges, the government pays much attention to the development of blockchain technology. Even before the beginning of summer 2020, it is planned to test the digital RMB. It seems that Binance has all chances to return to China. Back in September 2019, Binance took part in the round of financing the Mars Finance cryptocurrency startup, estimated at about USD 200 million. And in March, binance.com published an announcement that the company is opening a Blockchain technology research institute in the Chinese city of Lingang. Binance's public relations representative said it was not a commercial project, but an educational one. No additional information was provided other than a Twitter message.
 
Content on binance.cn (the Chinese version of the exchange website) has increased significantly over the past two months. And while binance.com focuses on providing cryptocurrency exchange services, binance.cn has a very different picture. There, Binance is shown as an enterprise that deals with the blockchain industry and blockchain-based ecosystems. The Chinese website focuses on the blockchain and other fintech technologies, training, scholarship program, charity, cryptocurrency wallets and computer security. The binance.cn website also talks about services such as consulting and start-up project incubation.
 
A Twitter post suggests that the "blockchain is not cryptocurrency" strategy could lead to a return to China. The domain name binance.cn as well as two other domains for other companies with similar names were registered on February 24, 2020. They were registered by Chinese lawyer He Junxi. It seems that Binance has been making plans to return since they left the country in 2017. And in the spring of 2020, those plans have evolved considerably.